OTTAWA (dpa-AFX) - Mitsubishi UFJ Financial Group Inc. plans to launch a takeover bid for Japanese robo-advisory firm WealthNavi Inc, the Nikkei Asia reported. MUFG, which already holds a 15% stake in WealthNavi, intends to make it a wholly-owned subsidiary.
This move aligns with the increasing trend of funds flowing from savings accounts into investments, particularly due to the popularity of the revised Nippon Individual Savings Account (NISA) program. MUFG aims to accelerate its expansion of financial services for retail investors.
Founded by Chief Executive Officer Kazuhisa Shibayama in 2015, WealthNavi provides online wealth management services.
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